Durables Surprise, Fannie/Freddie Delay Rescue, Stocks Climb

An overall positive day in the stock market resulted from a surprise increase in Durable Goods Orders and unexpected good news from the mortgage front. The DJIA climbed +89.81 to 11502.68, the Nasdaq advanced +20.49 to 2382.46 and the S&P 500 added +10.12 to 1281.63.

Fannie Mae (FNM | Quote | Chart | News | PowerRating) climbed 15.30% or $0.86 to $6.48/share she and brother Freddie Mac sold $3 billion in short term notes indicating that a government rescue may not be imminent.

Borders (BGP | Quote | Chart | News | PowerRating) - The bookseller advanced 21.46% or $1.15 to $6.51/share after reporting a less than expected second quarter loss.

Amylin (AMLN | Quote | Chart | News | PowerRating) dropped 24.82% or $6.76 to $20.48/share as the death toll rises from its diabetes treatment, Byetta.

Quicksilver (ZQK | Quote | Chart | News | PowerRating) advanced 11.21% or $0.87 to $8.63 after the surf and ski clothing company received a $147 million binding offer for its ski equipment unit.

Oil climbed $2.10 to $118.37, gold added $4.70 to $832.80 and the fear gauge VIX fell 3.56% to 19.76.

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